Spanish government bonds rose, with 10-year yields approaching a record low, amid speculation European Central Bank President Mario Draghi will reiterate the need for accommodative monetary policy.

Italian securities advanced for a third day. German 10-year bunds rose, with yields about two basis points from their lowest relative to U.S. Treasuries with a similar due date since 1999, before Draghi and Federal Reserve Chair Janet Yellen address the annual Fed Bank of Kansas City’s economic symposium in Jackson Hole, Wyoming.

A report on Thursday showed the euro region’s manufacturing and services industries grew at a slower pace this month than economists.

“The key thing for Draghi is if there is any acknowledgment of the worsening of the data tone,” said Richard McGuire, head of rates strategy at Rabobank International in London. “The market will be scouring his words for any hint of additional stimulus. If he digs his heels in now, the assumption will be the more he does later. If he does give any hint this will be positive for the periphery and the core.”

Spain’s 10-year yields dropped one basis point, or 0.01 percentage point, to 2.39 percent as of 10:35 a.m. London time after touching 2.371 percent on Thursday, the lowest since Bloomberg started collecting the data in 1993. The 2.75 percent bond due in October 2024 rose 0.08, or 80 euro cents per 1,000- euro ($1,328) face amount, to 103.20.

Italy’s 10-year rate fell one basis point to 2.58 percent after touching a record-low 2.561 percent on August 20.

Spanish 10-year yields have declined one basis point this week, adding to a 16 basis-point drop in the period ended August 15. The securities yielded 142 basis points more than German 10- year bunds, down from about 222 basis points on December 31.